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Two Seas Capital Portfolio holdings

AUM $7.15B
1-Year Est. Return 169.27%
This Fund
S&P 500
This Quarter Est. Return
+39.96%
1 Year Est. Return
+169.27%
3 Year Est. Return
+279.82%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$6.23B
AUM Growth
+$274M
Cap. Flow
-$456M
Cap. Flow %
-7.32%
Top 10 Hldgs %
87.65%
Holding
53
New
14
Increased
16
Reduced
9
Closed
12

Top Buys

Rank Stock Value
1
CORZ icon
Core Scientific
CORZ
+$126M
2
FSLR icon
First Solar
FSLR
+$63.5M
3
CRWV
CoreWeave
CRWV
+$33M
4
CLMT icon
Calumet Specialty Products
CLMT
+$20.6M
5
ROIV icon
Roivant Sciences
ROIV
+$14.3M

Top Sells

Rank Stock Value
1
INDV icon
Indivior Pharmaceuticals
INDV
+$18.9M
2
CEG icon
Constellation Energy
CEG
+$15.4M
3
IREN icon
Iris Energy
IREN
+$14.2M
4
TLN
Talen Energy Corp
TLN
+$12.2M
5
VST icon
Vistra
VST
+$12.1M

Sector Composition

Rank Sector Weight
1 Healthcare 11.1%
2 Technology 6.6%
3 Utilities 2.36%
4 Communication Services 2.01%
5 Materials 1.83%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
ECHO
26
EchoStar
ECHO
$25.5B
$22.3M 0.36%
+292,470
New +$13.2M
BUR icon
27
Burford Capital
BUR
$907M
$19.2M 0.31%
1,602,067
+24,397
+2% +$326K
CLMT icon
28
CALL
Calumet Specialty Products
CLMT
$3.63B
$18.3M 0.29%
+1,000,000
New +$16.5M
META icon
29
Meta Platforms (Facebook)
META
$1.51T
$17.8M 0.29%
24,272
+9,207
+61% +$6.85M
MSOS icon
30
CALL
AdvisorShares Pure US Cannabis ETF
MSOS
$864M
$17.1M 0.27%
+3,575,300
New +$14.1M
SOC icon
31
Sable Offshore Corp
SOC
$903M
$10.7M 0.17%
614,044
+172,367
+39% +$4.42M
OMEX icon
32
Odyssey Marine Exploration
OMEX
$40.4M
$8.91M 0.14%
4,570,011
+3,139,242
+219% +$5.06M
SONO icon
33
Sonos
SONO
$1.75B
$8.39M 0.13%
531,042
+250,000
+89% +$3.21M
BTDR icon
34
Bitdeer Technologies
BTDR
$2.81B
$7.69M 0.12%
+450,000
New +$6.32M
MSOS icon
35
AdvisorShares Pure US Cannabis ETF
MSOS
$864M
$7.18M 0.12%
+1,500,000
New +$5.91M
CIFR icon
36
Cipher Digital
CIFR
$9.47B
$5.82M 0.09%
462,000
+212,000
+85% +$1.6M
CORZW icon
37
Core Scientific Inc Tranche 1 Warrants
CORZW
$1.57B
$3.37M 0.05%
289,539
-46,839
-14% -$397K
LUCD icon
38
Lucid Diagnostics
LUCD
$173M
$3.03M 0.05%
+3,000,000
New +$3.28M
ANIP icon
39
ANI Pharmaceuticals
ANIP
$1.77B
$2.36M 0.04%
+25,721
New +$2.1M
GLXY
40
Galaxy Digital Inc
GLXY
$4.34B
$1.18M 0.02%
+35,000
New +$944K
CORZZ icon
41
Core Scientific Inc Tranche 2 Warrants
CORZZ
$1.86B
$432K 0.01%
24,107
– –
ADAP
42
DELISTED
Adaptimmune Therapeutics
ADAP
– –
-22,580,701
Closed -$5.41M
APLD icon
43
Applied Digital
APLD
$7.77B
– –
-500,000
Closed -$5.04M
ARDX icon
44
Ardelyx
ARDX
$1.24B
– –
-1,539,416
Closed -$6.03M
CEG icon
45
Constellation Energy
CEG
$98B
– –
-47,688
Closed -$15.4M
FSLR icon
46
CALL
First Solar
FSLR
$21.8B
– –
-2,844,000
Closed -$471M
HUM icon
47
CALL
Humana
HUM
$46.7B
– –
-411,500
Closed -$101M
HYG icon
48
PUT
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
$16.3B
– –
-7,325,500
Closed -$591M
IREN icon
49
Iris Energy
IREN
$13.2B
– –
-971,891
Closed -$14.2M
NRG icon
50
NRG Energy
NRG
$29.8B
– –
-15,000
Closed -$2.41M
1
2
3

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Two Seas Capital's Q3 2025 Portfolio in Review

As of Q3 2025, Two Seas Capital held 53 positions worth $6.23B, up 4.6% from $5.96B the previous quarter. Its ten largest holdings account for 88% of the portfolio.

Two Seas Capital withdrew a net $456M in Q3 2025, closing 12 positions and reducing 9 holdings. Its most notable exit was Constellation Energy, an estimated $15.4M position sold in full.

By sector, the portfolio is most concentrated in Healthcare at 11% of assets, up from 8% a quarter earlier, followed by Technology and Utilities.

Against the trend, Two Seas Capital opened a new position in CoreWeave worth $38.2M.

  • Two Seas Capital's largest Q3 2025 buy was CoreWeave: 279,051 shares worth $38.2M.
  • Two Seas Capital added most to Core Scientific in Q3 2025, an estimated $126M increase.
  • Two Seas Capital's biggest Q3 2025 reduction was Indivior Pharmaceuticals, cutting an estimated $18.9M.
  • Two Seas Capital fully exited Constellation Energy in Q3 2025, selling an estimated $15.4M.
  • Two Seas Capital's ten largest holdings make up 88% of its $6.23B portfolio in Q3 2025.
  • Two Seas Capital opened 14 new positions and closed 12 in Q3 2025.
  • Two Seas Capital's portfolio value rose 4.6% quarter-over-quarter to $6.23B.

Based on Two Seas Capital's 13F filing for Q3 2025, filed 14 Nov 2025.